The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-09-25
CAPITAL NEWS.
Extra Session speculations.
Members Place Themselves on Rec
ord as In Favor Of It.
Steps to Release the Treasury Sur.
plus to the People
Interview With Thomas G. Powell
on the Ohio Democracy.
The Party Usited More Strongly
Than Ever Before-Buresu OF
Labor statistics-Trade
Win China.



No. 5l5 FouRTrKSrH STREET, WASH.
INaToS, September e2.-During the
past week there has been a revival OF
speculation In regard 10 the proba bill
ties OF an extra session, and more than
one member Of Congress has placed
himself on record q, in favor Of the
Presidents calling Congress together
earlier than usual,
representative Wilkins, Of Ohio,
who Is in the city, having Just come
from New York, says that II Is gener.
ally expected In financial circles that
the President will call an extra ses.
sion Of Congress, to meet early In No.
vember, to take some steps TO release
the treasury surplus and prevent a
financial panic. He is OF opinion
himself that 1t ought TO be done and
that II will be done.
"Ihe panic" said he, "is not only
impending, but has already begun.
Stocks went down several points all
round on Monday. Money is scarce
Brokers can borrow money only on
call. They want 1t on time and can'i
get II. All the Treasury can do In the
way Of redeeming end buying bonds
and anticipating the payment OF inter.
est will not be sufficient 10 relieve the
market, and the legality OF the Treas.
ury'0 action in the msttsr a buying
bonds is questionable. II Congress is
not called in epecial session there will
ne a waste Of time, for during the ffst
month or ok weeks nothing will be
done. But II the President calls an
extra sess.o TO meet in November,
for the purpose OF reducing the Treas.
MY surplus, the members will come
to Washington with the urgency oi
that sctject on their minds, aud there
will b. immediate action.
81 sand inst wnefe did before Tn
taih. l will fgree TO put the coaisel
sorts Of wool on the free llsi, but not
the 6ner sort. Salt Is one OF the
principal industriep, but I will agree
to put salt on the free lis. have no
doubt at all that II an extra session II
called q comprehensive bil Of We.
nue. reform will be passed and the
threatened panic will be averted."
Such Ia q fair samp,e Of the talk In
dulged In by men like MIR. Wilkins
OF Ohio. who are interested more o.
less In the price oil money on Wal
street. Looking at the matter from I
calm standpoint, the excitement
which theee gentlemen endeavor Il
depict in such glowing color
bears upon iis lace larg,
amount Of artificlality. All IN,
shriekine that Ia being done Ia don,
On Wall street by q few jobbers whose
interest Il 10 10 shrek. Those csos
Ing the excitement ere the jobberl
who speculate Oh everyone's labor
without producing anything them.
selves. Tney have money TO lend and
want 10 get as high q rate Of interest
for II as possible. Ia order b obtain
the high rate they have 10 invent
some exoufe for II, and their yictiml
from whom they are VIindiDg th,
heavy interest do all the tquealins
| ntCttthfys luttt THNoaNtIh tulA ,
they are the dnAncal world, and wher
they csnF borrow money At 3 pei
cent. thir there 10 q terrible "f1an
cial pani coming 70 egoop down on
the couq y,and they wfnt ,heTrcAsuiI
TO come 10 their AID snd help them Il
get the money they want % borrow A
az easter rats oi Interest Mr.. vii
kins dose q little OF tHis sort of bust
ness on Wall street him'ei, and per
chance the rate OF his broker is TO.
high 10 please him. Hence the inter
view quoted from above. Practically
the turplus In the Treasury does no
amount TO mora than $4,000, 900 an,
the way tha, In taking care oi iisel
would asiolish eome people n chez
would only look into the matter. Thl
expenditures are and have for som
time past been very large.
Had there been any real strlugenc,
there would have been q rush 10 &C
oept the offer Of the Tfeasury 10 bu,
bonds with the anticibAtoTy interea
for three months, less two per cen,
When man Is In want Of money u |
certainly worth two per cent to him.
DEMOCRACY IN ONO.